President Donald Trump signed his sweeping “Big Beautiful Bill into law on July 4 – pushing European renewable energy companies into recalibrating their US strategies.
While the bill initially threatened to upend clean energy incentives, last-minute amendments have softened the blow, particularly for wind and solar developers.
Yet, the long-term implications remain complex, especially for companies with deep exposure to the American market.
Among the most closely watched renewable energy stocks are Siemens Energy AG (ETR: ENR) and Engie SA (EPA: ENGI), two giants whose fortunes are tied to the evolving US policy landscape.
Siemens Energy: offshore wind giant faces mixed signals
Siemens Energy, one of the world’s leading offshore wind turbine manufacturers, finds itself at a crossroads.
The company has a substantial US pipeline, with over 4.2 GW of offshore wind capacity lined up for delivery.
However, the Trump administration’s stance on offshore permitting and grid modernization has raised concerns about project delays and regulatory bottlenecks.
While Siemens Energy remains optimistic about ongoing developments, its long-term ambitions in the US could be curtailed if permitting timelines slip or tax credits phase out prematurely.
The bill’s removal of the foreign component tax, initially aimed at penalizing projects using Chinese parts, was a relief for Siemens, whose global supply chain includes Asian manufacturers.
Still, the broader rollback of Inflation Reduction Act provisions still poses a challenge.
Analysts warn that without robust federal support, offshore wind in the US may stagnate, forcing Siemens to lean more heavily on its European and Latin American markets
Despite these headwinds, Siemens Energy’s stock has shown resilience, buoyed by strong European demand and public support packages.
Investors may view the current dip in US sentiment as a buying opportunity, especially if the company pivots toward more favourable geographies.
Engie SA: diversified utility with strategic flexibility
Engie SA, the French multinational utility firm, is better positioned to weather the turbulence.
With a diversified portfolio spanning solar, wind, hydrogen, and nuclear, Engie’s exposure to the US market is significant but not singular.
Analysts at Morningstar maintain a stable fair value estimate for Engie, citing its “flexibility in deploying capex across different technologies and geographies”.
The bill’s revised safe harbor provision – allowing projects that commence before mid-2026 to qualify for tax credits – could spur near-term activity for Engie’s US ventures.
This is particularly relevant for its solar and battery storage initiatives, which are less vulnerable to offshore permitting delays.
Moreover, Engie’s strategic pivot toward hydrogen and grid services in Europe offers a hedge against US policy volatility.
The company has already begun reallocating capital toward regions with clearer regulatory frameworks, including Latin America and Southeast Asia.
While Trump’s bill may slow the pace of US renewables, Engie’s agility and balanced exposure make it a compelling stock to watch.
Its ability to adapt to shifting policy winds – both literal and figurative – could prove decisive in the coming quarters.
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